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Technology Stocks : Egghead Computer (EGGS)
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To: BILL L who wrote (1535)7/15/1998 8:57:00 PM
From: Rommy B.  Read Replies (1) of 8307
 
The psychology of EGGS (IMHO) is very similar to the run-up of many other internet stocks (SEEK, EWEB, KTEL, to name a few). Anything that goes up 100% (and more!) in 10 days is bound to have at least some signinficant pull back. (This is true for many other things in life as well >g<).

Look at how the MMs have played with this stock. They lowered it today to 19 and proceeded to showcase a phanotom run back to 22+. EGGS closed lower (of course), but with a seeming momentum. Specifically, look how the MMs have manipulated the price so it is lower than both the bid and the ask... People who have missed out on the first run (such as myself) may think, "Oh, this is a great opportunity to go on board for the next run." But chances are that there won't be another run for awhile (MMs need to make their money by buying back shares at lower teen prices).

Keep in mind that MMs don't care too much about EGGS as a company. I think EGGS can be a real winner in the long run, but at $20 11/16, the MMs have not finished their games.

EGGS' announcement earlier this month was a strong one and perhaps even waranted a 50% gain in the price. That would yield a $13.50 target ($9 increased by 50%). That is why I am shorting this stock.

I completely agree with Bill that while not everyone may want to take the chance and short this stock, be careful not to fall prey to the mania games. Many of us have been hurt before and we have learned our lessons.

Best of luck to everyone!

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